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ceiling. >> raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. we are not a deadbeat nation. >> house republicans want spending cuts as part of a deal to lift the debt ceiling. without an agreement the country has until around march 1 before it may not be able to meet financial obligations. >> today is the one month anniversary of the deadly school shooting in newtown, connecticut. in washington, bay area members are among the group of democrats meeting with vice president biden about gun control. the vice president could turn over his proposals to president obama as early as tomorrow. >> a month ago today, the shooting massacre at sandy hook elementary school shocked the nation. and re-ignited a fierce battle over america's relationship with guns. tomorrow, vice president biden will recommend a robust gun control game plan to president obama including stronger background checks for all gun purchases, a ban on high capacity magazine clips, and a renewed ban on assault weapons. >> my starting poi
ceiling. >> raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. we are not a deadbeat nation. >> house republicans want spending cuts as part of a deal to lift the debt ceiling. without an agreement the country has until around march 1 before it may not be able to meet financial obligations. >> today is the one month anniversary of the deadly school shooting in newtown, connecticut. in washington, bay area members...
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the debt ceiling is announcing the amount of money the states can borrow. today the president responded to some republicans who say they are willing to shut down the government if the president doesn't back down. ultimately congress makes decisions about whether or not we spend money and keep the government open. if they decide they want to shut down the government in order to get their way they have the votes in the house of representatives to do that. i think that would be a mistake. >> john boehner responded the american people do not support raising the debt ceiling without reducing government spending statement. wendell, a government shut down, is that something that really might happen? neither side is ready to blink yet. he has laid out they are ready to compromise if possible that could lead to a government shut down although probably not right away. president obama suggested right before the u.s. the people at home might be told they have to wait for their money. >> if congressional republicans refuse to pay america's bills on time social security
the debt ceiling is announcing the amount of money the states can borrow. today the president responded to some republicans who say they are willing to shut down the government if the president doesn't back down. ultimately congress makes decisions about whether or not we spend money and keep the government open. if they decide they want to shut down the government in order to get their way they have the votes in the house of representatives to do that. i think that would be a mistake. >>...
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i just want to come back to the debt ceiling. you said you wouldn't in this on the debt ceiling, and you did. last year you said that you wouldn't extend any of the bush tax cuts for the wealthy, and you did. as you say now that you're not going to negotiates on the debt ceiling this year, why should house republicans take that seriously and say if we get to the one minute to midnight scenario that you're not going to back down? >> well, first of all, juliana, let's take the example of this year and the fiscal cliff. i didn't say that i would not have any conversations at all about extending the bush tax cuts. i just said we wouldn't extend them for the wealthy. we didn't. you can argue that during the campaign i said -- i set the criteria for wealthy at $250,000, and we ended up being at $400,000, but the fact of the matter is millionaires and billionairres are paying significantly more in taxes just as i said. so for, you know, from the start, my concern was making sure that we had a tax code that was fair and it protected the
i just want to come back to the debt ceiling. you said you wouldn't in this on the debt ceiling, and you did. last year you said that you wouldn't extend any of the bush tax cuts for the wealthy, and you did. as you say now that you're not going to negotiates on the debt ceiling this year, why should house republicans take that seriously and say if we get to the one minute to midnight scenario that you're not going to back down? >> well, first of all, juliana, let's take the example of...
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. >> president obama making his case for raising the debt ceiling. this morning the president says he will negotiate on spending cuts but not on the debt ceiling. mark matthews is here now with more on what sat stake. >> republicans in the house say they won't raise the debt gmu and president agree to corresponding cuts. the president outlined the stake autos the president began by defining the issue. >> debt keeling is not a question of authorizing more spending. it allows the country to pay for spending that congress is committed to. >> he said americans understand the concept. >> you don't go out to dinner and... then, you know eat all you want. and then... leave without paying a check. >> if you do that, it's against the law, said the president. he added if congress fails to raise the debt ceiling american people will pay the price. >> social security checks and veteran benefits will be delayed. we might not be able to pay our troops or honor our contracts with small business owner autos again and again, the president repeated the fact raising th
. >> president obama making his case for raising the debt ceiling. this morning the president says he will negotiate on spending cuts but not on the debt ceiling. mark matthews is here now with more on what sat stake. >> republicans in the house say they won't raise the debt gmu and president agree to corresponding cuts. the president outlined the stake autos the president began by defining the issue. >> debt keeling is not a question of authorizing more spending. it allows...
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Jan 17, 2013
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let's talk about the debt ceiling debate. we are all focused on this week and the president has been talking about it. what is your view on whether spending cuts should be part of the debt ceiling debate? i think that would be a serious mistake. i'm a republican, i have been so since i voted for ike in 1962 and let me tell you ie mistake. you are not talking about one thing that has to do with cutting spending. you're talking about everything and he paying your debts of the guys in the congress talk about an republican republicans drama. and every one of them has something to do with wanting ... and now you have to pay it. and you better pay and where your country is clearly facing a dire consequences. it shows that you don't give a whit about who's president. >> do you agree with the president and you think that we are risking what? a selloff in the market? 2001. >> what's going to happen if it comes to the worst case scenario here? >> somebody will say, don't forget, we all $16.4 trillion. half of that is owned by private p
let's talk about the debt ceiling debate. we are all focused on this week and the president has been talking about it. what is your view on whether spending cuts should be part of the debt ceiling debate? i think that would be a serious mistake. i'm a republican, i have been so since i voted for ike in 1962 and let me tell you ie mistake. you are not talking about one thing that has to do with cutting spending. you're talking about everything and he paying your debts of the guys in the congress...
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Jan 16, 2013
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we're headed for a debt ceiling battle is to avoid the debt ceiling itself. congressman jerry nadler joins me now and introducing the legislation today. in full disclosure he is my congressman. you do a hell of a job in your district. we're very happy with you there. >> thank you. david: i do set this that up as a compliment to criticize you, i look at a debt ceiling which started at 10 billion, 10 trillion dollars when the president came into office. it is now $16 trillion. don't we need restraint of a debt ceiling to prevent the spending from even going further? >> no. and it doesn't restrain spending at all. congress makes the decisions as to what to spend, what the level of taxation should be, what the level of spending should be. the debt ceiling is just there and, says you can not pay the bills that you voted to incur a year ago and two years ago and three years ago. and that is just wrong. now it used to be harmless in that the debt ceiling would be raised with a little demagoguing here and there but no one ever seriously suggested not raising it. it w
we're headed for a debt ceiling battle is to avoid the debt ceiling itself. congressman jerry nadler joins me now and introducing the legislation today. in full disclosure he is my congressman. you do a hell of a job in your district. we're very happy with you there. >> thank you. david: i do set this that up as a compliment to criticize you, i look at a debt ceiling which started at 10 billion, 10 trillion dollars when the president came into office. it is now $16 trillion. don't we need...
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they could default on the debt, unless the debt ceiling is raised. republicans want the president to cut spending before they i gree on a deal. but the president at no time seem eager for compromise. listen. >> we have to stop lurking from crisis to crisis to crisis. when there is a clear pass that requires discipline, responsibility and compromise. >> dana: yet, he showed little willingness to do so. >> i'm willing to compromise and find common ground over how to reduce the deficit, america cannot afford another debate with this congress about whether or not they should pay the bills they have racked up. what i will not do is to have that negotiation with gun at the head of the people. >> dana: interesting choice of words to describe that. eric, you talked about not wanting the country to lurch from crisis to crisis. most americans would agree and want washington to fix fundamental problems. why do we have to have the debate every three months? >> eric: sure. start with the debt ceiling and how it came about. prior to world war i, everybody was paid
they could default on the debt, unless the debt ceiling is raised. republicans want the president to cut spending before they i gree on a deal. but the president at no time seem eager for compromise. listen. >> we have to stop lurking from crisis to crisis to crisis. when there is a clear pass that requires discipline, responsibility and compromise. >> dana: yet, he showed little willingness to do so. >> i'm willing to compromise and find common ground over how to reduce the...
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translation, the debt ceiling deal didn't do enough about the debt itself. so keep this in mind when you hear it said,be with great certainty it's the republicans trying to force spending cuts over endangering the nation credit rating. as will rogers quoted once, "it isn'tbe what we don't know that gives us trouble. it's what we know that ain't so." bret? >> bret: the president has effectively turned the messaging around. by saying it's about paying the bills that congress has already passed. the laws that it's already passed. republicans are saying it's about borrowing authority. essentially running up the country's credit card. >> exactly. what the republicans are saying is look, we maxed out the credit card. it's time before we extend any new credit or allow any new credit to do something aboutbe the spending that got us here. that would seem on the surface to be a reasonable argument. but so far, the republicans have not been able to win it. and what tends to happen in the fights when you get all of this late hour melodrama as we have had in the last cou
translation, the debt ceiling deal didn't do enough about the debt itself. so keep this in mind when you hear it said,be with great certainty it's the republicans trying to force spending cuts over endangering the nation credit rating. as will rogers quoted once, "it isn'tbe what we don't know that gives us trouble. it's what we know that ain't so." bret? >> bret: the president has effectively turned the messaging around. by saying it's about paying the bills that congress has...
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the debt ceiling -- raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills. it does not create new deficits. it does not create new spending. so not raising the debt ceiling is sort of like a family which is trying to improve its credit ratings and i know how we can save money, we will not pay our credit card bills. not the most effective way to improve your credit rating. it was a very slow solution to the debt ceiling in august of 2011 that got the u.s. downgraded last time. so it's very important. all these issues are important, but it's very, very important that congress take necessary action to raise the debt ceiling to avoid a situation where our government does not pay its bills. >> a number of people have expressed concern about how much of the challenges actually were addressed in the deal. it went part of the way, as you mentioned. but it leaves a number of issues still on the table and traditional negotiations are looming. would you characterize that as an additional cliff that is facing us? or do you think it
the debt ceiling -- raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills. it does not create new deficits. it does not create new spending. so not raising the debt ceiling is sort of like a family which is trying to improve its credit ratings and i know how we can save money, we will not pay our credit card bills. not the most effective way to improve your credit rating. it was a very slow solution to the debt ceiling in...
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ceiling. >> raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. we are not a deadbeat nation. >> house republicans want spending cuts as part of a deal to lift the debt ceiling. without an agreement the country has until around march 1 before it may not be able to meet financial obligations. >> today is the one month anniversary of the deadly school shooting in newtown, connecticut. in washington, bay area members are among the group of democrats meeting with vice president biden about gun control. the vice president could turn over his proposals to president obama as early as tomorrow. >> a month ago today, the shooting massacre at sandy hook elementary school shocked the nation. and re-ignited a fierce battle over america's relationship with guns. tomorrow, vice president biden will recommend a robust gun control game plan to president obama including stronger background checks for all gun purchases, a ban on high capacity magazine clips, and a renewed ban on assault weapons. >> my starting poi
ceiling. >> raising the debt ceiling does not authorize us to spend more. all it does is say that america will pay its bills. we are not a deadbeat nation. >> house republicans want spending cuts as part of a deal to lift the debt ceiling. without an agreement the country has until around march 1 before it may not be able to meet financial obligations. >> today is the one month anniversary of the deadly school shooting in newtown, connecticut. in washington, bay area members...
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: markets are almost treating the fight over the debt ceiling as the sequel to a bad movie. and investors have a pretty good feel for how this cliffhanger ends. >> they don't really care about the brinksmanship until they are right up to the brink, but also, the more dangerous the fall, off the brink, they figure the less likely that it's going to happen. >> reporter: treasury secretary timothy geithner told congress today that unless it acts, the nation will not be able to pay its bills sometime around mid- february or early march. so with a month of so to go, there is no solution in sight. darren gersh, washington, d.c. >> tom: federal reserve chairman ben bernanke echoed the president's comments on the debt ceiling today, in a speech at the university of michigan, he said congress has to take action to avoid a situation where our government doesn't pay its bills. ahead of that, stocks were mixed, the blue chip dow rose almost 19 points, while the nasdaq dropped eight, and the s&p 500 down a point. >> susie: weighing on the nasdaq today: apple. the stock got crushed, on wo
: markets are almost treating the fight over the debt ceiling as the sequel to a bad movie. and investors have a pretty good feel for how this cliffhanger ends. >> they don't really care about the brinksmanship until they are right up to the brink, but also, the more dangerous the fall, off the brink, they figure the less likely that it's going to happen. >> reporter: treasury secretary timothy geithner told congress today that unless it acts, the nation will not be able to pay its...
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president obama tells congress we're not a deadbeat nation, and they need to raise the debt ceiling now, so we can pay our bills on time. >> tom: i'm tom hudson. a sour day for apple investors. the stock tumbles to 11 month lows on new worries about waning demand for the iphone 5. >> susie: but a banner day for g.m., the cadillac ats takes car of the year at the big auto show in detroit, and its new corvette stingray wows gear heads around the globe. >> tom: that and more tonight on "n.b.r."! >> susie: the next big fight in washington has begun. president obama today called on republican lawmakers to authorize an increase in the nations debt limit, saying that messing with it could potentially have catastrophic results for many americans and the overall economy. he warned markets would go haywire if congress does not act, interest rates would rise, and checks to social security beneficiaries would stop. and he said even thinking about the u.s. not paying its bills is irresponsible and, "absurd". darren gersh reports. >> reporter: in his first news conference of the new year the presiden
president obama tells congress we're not a deadbeat nation, and they need to raise the debt ceiling now, so we can pay our bills on time. >> tom: i'm tom hudson. a sour day for apple investors. the stock tumbles to 11 month lows on new worries about waning demand for the iphone 5. >> susie: but a banner day for g.m., the cadillac ats takes car of the year at the big auto show in detroit, and its new corvette stingray wows gear heads around the globe. >> tom: that and more...
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limit if indecembering the debt ceiling is met dollar or dollar for cuts. there doesn't appear to be away around it and there's more stalemate. >> george stephanopoulos, thanks for your reporting. two powerhouse roundtables, "this week" coming up later right here on abc. george, thanks again. >>> the golden globes are tonight and awards have been considered a good indicator for the oscars but a controversy is brewing over one of the top contenders, "zero dark thirty," the director was snubbed and legendary actors are telling members not to cast ballots for it because of graphic scenes involving torture. abc's john muller is here with more. >> good morning, bllg. there is no doubt "zero dark thirty" is the most controversial film of award season. now, opponents say glorifies the torture of terror suspects and some sources are claiming that got major celebrity backup. >> when was the last time you saw bin laden? >> reporter: it seems like this one depicting the role of enhanced interrogation techniques that have martin sheen and ed asner reportedly joining th
limit if indecembering the debt ceiling is met dollar or dollar for cuts. there doesn't appear to be away around it and there's more stalemate. >> george stephanopoulos, thanks for your reporting. two powerhouse roundtables, "this week" coming up later right here on abc. george, thanks again. >>> the golden globes are tonight and awards have been considered a good indicator for the oscars but a controversy is brewing over one of the top contenders, "zero dark...
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the debt ceiling, raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay existing bills. it doesn't create new deficits. it doesn't create new spending. so not raising the debt ceiling is sort of like a family, which is trying to improve its credit rating sank i know how we can save money, we won't pay off credit card bills. not the most effective way to improve your credit rating. it was the very slow solution to the debt ceiling in august 2011 i got the u.s. downgraded last time. so it's very, very important that all these issues are important but it's very, very important that congress take necessary action to raise the debt ceiling to avoid a situation where our government doesn't pay its bills. >> a number of people have expressed concern about how much of the challenges actually were addressed in the deal. as you mention it certainly went part way but it leaves another the issues still on the table, and additional negotiations and are looking. would you characterize that as an additional clip that is facing us, or do you think that
the debt ceiling, raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay existing bills. it doesn't create new deficits. it doesn't create new spending. so not raising the debt ceiling is sort of like a family, which is trying to improve its credit rating sank i know how we can save money, we won't pay off credit card bills. not the most effective way to improve your credit rating. it was the very slow solution to the debt ceiling in august 2011...
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the debt ceiling and you did. last year you said you wouldn't extend any of the bush tax cuts for the wealthy and you did. so as you say now that you're not going to negotiate on the debt ceiling, this year, why should house republicans take that seriously and think that if we get to the one minute to midnight scenario that you're not going to back down? >> well, first of all, juliana, take the example of this year and the fiscal cliff. i didn't say that i would not not have any conversations about extending the bush tax cuts, what i said we wouldn't extend bush tax cuts for wealthy and we didn't. we can argue during the campaign that i said, i set the criteria for wealthy at 250, and we ended up being at 400. but the fact of the matter is that millionaires, billionaires, are paying significantly more in taxes, just as i said. so from, you know, from the start my concern was making sure that we had a tax code that was fair and that protected the middle class and my biggest priority was making sure middle class tax
the debt ceiling and you did. last year you said you wouldn't extend any of the bush tax cuts for the wealthy and you did. so as you say now that you're not going to negotiate on the debt ceiling, this year, why should house republicans take that seriously and think that if we get to the one minute to midnight scenario that you're not going to back down? >> well, first of all, juliana, take the example of this year and the fiscal cliff. i didn't say that i would not not have any...
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regarding the debt ceiling. is that something that republicans are willing to do here, or it must be linked? the two have to go hand in hand? >> reporter: they are insisting, and when i say they, i'm talking about house republicans and the senate republican leader, but they have to go hand in hand. this is something that we heard over and over and over again when we had this debate the last time, back in the summer of 2011. andion that ve ioion you know t suzanne. but the house speaker and his aides are telling us that they really mean it this time. that there has to be a dollar of spending cuts for every dollar that the u.s. agrees to raise the debt limit. and that they would even go for a two or three-month extension as they try to work on a more global discussion of cutting spending. but even if there's an extension, it has to go point by point. the other thing i want to mention, suzanne, which i thought was really interesting, after covering the white house under george bush, that last question about the fac
regarding the debt ceiling. is that something that republicans are willing to do here, or it must be linked? the two have to go hand in hand? >> reporter: they are insisting, and when i say they, i'm talking about house republicans and the senate republican leader, but they have to go hand in hand. this is something that we heard over and over and over again when we had this debate the last time, back in the summer of 2011. andion that ve ioion you know t suzanne. but the house speaker...
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he talked about the debt ceil saying if congress does not work with him to raise the debt ceiling america will be in default and we my have to sell florida. >> watch jimmy kimmel live weeknights right here on abc7 at the new time following abc7 news at 11 and "nightline" is on right after that. >> lebanese -- leave disneyland and the cracked crab >> welcome back on the 4th anniversary of "miracle on the hudson." "sully" sullenberger joins katie about the incredible emergency landing. >> of all people to be piloting that lane, thank goodness it was you. i get on a plane and i think, sully? anyone named sully on this plane. >> i appreciate that and when i travel as a passenger i have people recognize me and they say i feel better knowing you are here. >> i look for him in the cockpit, as well. that is katie at 3:00 p.m. right here on abc7. >> good show. >> 5:23. great mighting that day. amazing to see the pictures. >> now, outside, it is darn cold. >> do we want do? mike, what are we facing? >> freezing temperatures in a lot of areas but this afternoon we are going to chip away at this air
he talked about the debt ceil saying if congress does not work with him to raise the debt ceiling america will be in default and we my have to sell florida. >> watch jimmy kimmel live weeknights right here on abc7 at the new time following abc7 news at 11 and "nightline" is on right after that. >> lebanese -- leave disneyland and the cracked crab >> welcome back on the 4th anniversary of "miracle on the hudson." "sully" sullenberger joins katie...
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ceiling so we can pay our debts. i think that is what will eventually happen. i do not think the going often the other direction would be that helpful. >> -- that going off in the other direction would be that helpful. >> i am a second year at the board's school. does the debt ceiling still have a practical purpose? could it be eliminated without much consequence? >> it has got symbolic value. maybe one or two other countries, but essentially no other countries and the world have this particular institution. the congress appropriates $100, tells the government to spend $100 on whatever, and then it raises $80 in revenue through its tax code. the arithmetic here says, you have to borrow $20. no, congress has to give a third 100-80 = says the 180at 20. logically, there is got to be something to make up the difference. the way to address it is by having a sensible plan for spending, insensible span foplar revenue. as i was saying before, this is like a family saying, we're spending too much. let's stop paying our credit
ceiling so we can pay our debts. i think that is what will eventually happen. i do not think the going often the other direction would be that helpful. >> -- that going off in the other direction would be that helpful. >> i am a second year at the board's school. does the debt ceiling still have a practical purpose? could it be eliminated without much consequence? >> it has got symbolic value. maybe one or two other countries, but essentially no other countries and the world...
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here's one way washington can avoid the debt ceiling showdown, get rid of the debt ceiling altogether. tracy: and grounded, and other emergency landing for boeing's dreamliners. planned as the top two airlines stopped planes from flying altogether. lori: on a post-it note just isn't enough. employee who allegedly stole $400,000 worth of copy machine toner and resold it on the black market. you have to hear it to believe it. tracy: top of the hour. nicole petallides on the floor of the new york stock exchange. we can't seem to find our footing. nicole: interestingly enough we are not too far off of the unchanged line but we are up six of the last eight trading weeks. hovering around five year highs. as you noted early on, talk a lot about boeing weighing on the dow jones industrials today play with one issue after another. the s&p 500 down one point at 1471. it is also earning season. how they are faring. they came out obviously earnings-per-share eating earnings slightly miss. a new high for dell. and all those names are lower. continue to follow earnings here all week on fox business
here's one way washington can avoid the debt ceiling showdown, get rid of the debt ceiling altogether. tracy: and grounded, and other emergency landing for boeing's dreamliners. planned as the top two airlines stopped planes from flying altogether. lori: on a post-it note just isn't enough. employee who allegedly stole $400,000 worth of copy machine toner and resold it on the black market. you have to hear it to believe it. tracy: top of the hour. nicole petallides on the floor of the new york...
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the president is looking not to negotiate on the debt ceiling. >> the only option is for the congress to pass. no substitute for congressional action, but you see the republicans in the house are saying we're only going to increase the debt limit if the debt limit is met dollar or dollar for spending cuts. that is a recipe for stalemate. there doesn't appear to be a way around it and there's more stalemate. >> george stephanopoulos, thanks for your reporting. george, by the way, has a packed show with two powerhouse roundtables, "this week" coming up later right here on abc. george, thanks again. >>> meantime, the golden globes are tonight and awards have been historically been considered a good indicator for the oscars, but a controversy is brewing over one of the top contenders for best film, "zero dark thirty." its director was already snubbed by the academy and some legendary actors are telling members not to cast oscar ballots for it because of graphic scenes involving graphic torture. abc's john muller is here with more on that story. good morning, john. >> good morning, bianna.
the president is looking not to negotiate on the debt ceiling. >> the only option is for the congress to pass. no substitute for congressional action, but you see the republicans in the house are saying we're only going to increase the debt limit if the debt limit is met dollar or dollar for spending cuts. that is a recipe for stalemate. there doesn't appear to be a way around it and there's more stalemate. >> george stephanopoulos, thanks for your reporting. george, by the way, has...
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he announced if congress doesn't raise the debt ceiling america will go into default on its loans and we might have to say good bye to florida. an economist named paul krugman is supportive of an idea as a stopgap. he is suggesting that the treasury mint a trillion dollar county and deposit it in the federal reserve which is how "the lord of the rings" starts, isn't it? i don't know if americans could be trusted with a trillion dollar coin. 100 billion bags of doritos comes down. the treasury will not mint a trillion dollar coin. that is a shame. wouldn't it be nice to mint up nine or ten and say we're even. get this crap you made out of here and leave us alone. thank you. this is a great video. this was shot at the u.s. military academy in west point. a cadet found a mouse in his dorm room and he released a it into the wild. >> you're free. go. get on out. good luck. >> how do you feel? >> i feel relieved. that he's not going to wake me up in my bed any more crawl on my leg. but kind of sad. just got to know him. and -- oh, no. no! you kidding me? he didn't last five minutes. >> jimm
he announced if congress doesn't raise the debt ceiling america will go into default on its loans and we might have to say good bye to florida. an economist named paul krugman is supportive of an idea as a stopgap. he is suggesting that the treasury mint a trillion dollar county and deposit it in the federal reserve which is how "the lord of the rings" starts, isn't it? i don't know if americans could be trusted with a trillion dollar coin. 100 billion bags of doritos comes down. the...
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budget debt the debt ceiling but this also at the same time there seems to be schizophrenia because people don't like the idea of a precious metal like gold being back in the currency but they somehow like the idea of a fan a fantasy platinum coin fixing their debts. problem is this gets a frantic is it madness or does this tell you yes it's actually stupidity. and i'm not saying that mr bernanke and whoever it was that came up with this ridiculous idea has a low i.q. that's not the case i'm defining stupidity as an unwitting tendency to self-destruction and. the idea of creating a trillion dollar coin is really to get around the debt limits and things like that which are all a charade anyway what's happening is that the u.s. government is spending well it depends on how you do your accounting with accrual accounting or cash accounting but they're running deficits of between a trillion and a half for a five trillion dollars per year if you use a cruel accounting. so they're going to be printing up lots of money and whether they do it by creating a trillion dollar koreans. or not it'
budget debt the debt ceiling but this also at the same time there seems to be schizophrenia because people don't like the idea of a precious metal like gold being back in the currency but they somehow like the idea of a fan a fantasy platinum coin fixing their debts. problem is this gets a frantic is it madness or does this tell you yes it's actually stupidity. and i'm not saying that mr bernanke and whoever it was that came up with this ridiculous idea has a low i.q. that's not the case i'm...
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. >> goodbye fiscal cliff hello debt ceiling. >> the fiscal cliff fight was ugly but will the debt ceiling struggle be eveninging uglier. >> hard to believe but this could get uglier. [ laughter ] the government is aetch perfecting the legal limit for how much kit borrow also known as the debt ceiling. republicans can demand that the president make spending cuts or we'll hit the debt ceiling and go through it. [ laughter ] or get crushed by it or you know what? we might have to make a skylight in it. sounds nice. it's pretty but they rarely get caulked properly and when it rains, it drips and ruins your sisal carpet. the republicans are clearly in a strong position but the president might have a trick up his sleeve. >> is there a magic bullet to solve the crisis? try a magic coin. some economists, legal scholars and a congressman are suggest a $1 trillion platinum coin could be minted and the government could use it to pay the debt, avoid default and preempt the debt ceiling crisis. >> stephen: we should have known that a coin was obama's solution to everything. it was right in his slogan.
. >> goodbye fiscal cliff hello debt ceiling. >> the fiscal cliff fight was ugly but will the debt ceiling struggle be eveninging uglier. >> hard to believe but this could get uglier. [ laughter ] the government is aetch perfecting the legal limit for how much kit borrow also known as the debt ceiling. republicans can demand that the president make spending cuts or we'll hit the debt ceiling and go through it. [ laughter ] or get crushed by it or you know what? we might have...
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there's the debt ceiling, whether or not to raise the debt ceiling. some are talking about shutting the government down when the continuing resolution that authorizes spending for this government runs out, that he would negotiate then on this whole issue of spending cuts and new revenue. and if you cannot get a deal, then you let the government shutdown. some republicans are laying the groundwork for that. then you have the sequestration that was delayed under the fiscal cliff deal. so there are more than one battle happening. where do you think the negotiations should take place? should be the debt ceiling or the continuing resolution to fund the government or sequestration? caller: the continuing revolution to keep the government going -- resolution. there are many departments we don't need. i was showing my grandchildr the debt clock, telling him how much money he would know when he becomes a taxpayer. he said he does not want to become a taxpayer. this is taxation without representation. they have to get this under control. they need a dyiet. host
there's the debt ceiling, whether or not to raise the debt ceiling. some are talking about shutting the government down when the continuing resolution that authorizes spending for this government runs out, that he would negotiate then on this whole issue of spending cuts and new revenue. and if you cannot get a deal, then you let the government shutdown. some republicans are laying the groundwork for that. then you have the sequestration that was delayed under the fiscal cliff deal. so there...
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senator against the debt ceiling, he talked in essence how irresponsible it was to raise the debt ceiling. what in the world happened between then and now? why does somebody responsible for something raise the debt ceiling that wasn't before? what's the difference? >> i think that the president was terribly irresponsible, to say he's not talking about it because he's above it to blame congress, in part congress creates this problem, but we're going to solve this problem. i got elected to uphold the constitution and leave this country better than how we found we can't keep spending our kids inheritance, can't keep spending their money, we don't have it. >> greta: apparently he has threatened, i think his statement, at least people-- that in the event, congress doesn't authorize to raise that debt ceiling that he will do it unilaterally himself and he thinks he has the authority. do you >> absolutely not. under the 14th amendment of the constitution you can only do this as authorized by law and law is only created through the united states congress. so the president has absolutely no ground
senator against the debt ceiling, he talked in essence how irresponsible it was to raise the debt ceiling. what in the world happened between then and now? why does somebody responsible for something raise the debt ceiling that wasn't before? what's the difference? >> i think that the president was terribly irresponsible, to say he's not talking about it because he's above it to blame congress, in part congress creates this problem, but we're going to solve this problem. i got elected to...
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ceiling and debt negotiations. i think it's helped gold also as people look for safety. >> do you agree that the platinum and rally has helped gold and do you think we can look at this platinum rally and make a bigger indication of what is happening in the economy? some people say it's an indication that things are really turning around? >> jackie, i think it's too heavy. the anglo american platinum pulls off 400,000 ounces of platinum per year. that's almost 7% of global demand -- production, rather. that sends the market up. when i got up this morning and looked at the screen, platinum made that 3% today. i looked at the metal sector and looked at things that were undervalued. i think gold short term will benefit but long term i think platinum is going to be a better bet. if platinum stays higher, than going through the latter part of the year, that could signal a change in the market sentiment. gold is your fear and platinum is going to be demand in manufacturing. that could signal a change but not yet. i think
ceiling and debt negotiations. i think it's helped gold also as people look for safety. >> do you agree that the platinum and rally has helped gold and do you think we can look at this platinum rally and make a bigger indication of what is happening in the economy? some people say it's an indication that things are really turning around? >> jackie, i think it's too heavy. the anglo american platinum pulls off 400,000 ounces of platinum per year. that's almost 7% of global demand --...
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that's what the debt ceiling is about. one of the things i advocated was the restoration of the gephardt rule that said when congress voted for a budget, let's say it voted for the iraq war that cost a trillion dollars, then at the moment that they voted for that program the debt ceiling would be adjusted up or down to reflect the budget they just voted for. that's what most americans would do. so this debt ceiling is all about hypocrisy. it is all about pretending that we have an option about paying our bills. by the way, a lot of the bills we have to pay are things i was adamantly opposed to. i didn't want to go to war in iraq. i didn't want to have nation building in afghanistan. i thought the bush tax cuts were ill-advised but i'm a member of congress. america committed itself to those and i've got to stand by paying the obligations that have been incurred. >> john: congressman, i want to congratulate you on being a real fiscal conservative. congressman peter welch democrat of vermont, thank you. i hope you'll come bac
that's what the debt ceiling is about. one of the things i advocated was the restoration of the gephardt rule that said when congress voted for a budget, let's say it voted for the iraq war that cost a trillion dollars, then at the moment that they voted for that program the debt ceiling would be adjusted up or down to reflect the budget they just voted for. that's what most americans would do. so this debt ceiling is all about hypocrisy. it is all about pretending that we have an option about...
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president, what is the deal with the debt. i've been hearing about the debt ceiling. i understand when i grow up it could be hundreds of thousands of dollars could you please cut spending now. >> stephen: why aren't kids write together president about long-term restructuring of government debt. come on fox news youngsters, benic ron, the rest pinecrest retirement crew. put down the sunny d and fire up the underwood. [ laughter ] thankfully, folks, our constitution has a built-in mechanism to stop democratically elected tyrants from taking our guns and that brings us to tonight's word. [cheers and applause] united we stand off. president obama and his anti-gun storm troopers say it's okay for me to have a pistol. it's okay for me to have a rifle and a shotgun. but it's not okay for me to have military-style weaponry. maybe they've forgotten what the second amendment is. >> the founders feared government tyranny. >> the second amendment is about resistance to government tyranny. >> they never mentioned hunting and deer, they talked about freedom and liberty over tyranny
president, what is the deal with the debt. i've been hearing about the debt ceiling. i understand when i grow up it could be hundreds of thousands of dollars could you please cut spending now. >> stephen: why aren't kids write together president about long-term restructuring of government debt. come on fox news youngsters, benic ron, the rest pinecrest retirement crew. put down the sunny d and fire up the underwood. [ laughter ] thankfully, folks, our constitution has a built-in mechanism...
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there is a reason that debt ceiling raised with congress. that is a reason they have to start using the president's language and site we have to have a baland approach. if you want the debt ceiling raised come at some point we're going to have to address spending cuts. this is as good a time as any. i don't think they should go all in, draw a line in the sand and shut the government down because the public doesn't know a heck of a lot about this. they could be the recipient of the blame for this. gerri: use a dollar for dollar doesn't work. >> it will not stop the debt from growing as a percent of gdp because the gap is too large. >> i'm not saying it will balance the budget. we have to start the conversation, this is a good place to start making inroads. that is when republicans really have to draw the line in the sand. gerri: you were saying, which i thought was interesting, somewhat at odds with the conservative pundits that has to be some negotiation, give or take on both sides. >> what i said was any increase in taxes on income that wou
there is a reason that debt ceiling raised with congress. that is a reason they have to start using the president's language and site we have to have a baland approach. if you want the debt ceiling raised come at some point we're going to have to address spending cuts. this is as good a time as any. i don't think they should go all in, draw a line in the sand and shut the government down because the public doesn't know a heck of a lot about this. they could be the recipient of the blame for...
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raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. these are bills that have already been racked up. and we need to pay them. so while i'm willing to compromise and find common ground over how to reduce our deficit, america can't afford another debate with this congress whether or not they should pay the bills they already racked up. if congressional republicans refuse to pay america's bills on time, social security checks and veterans benefits will be delayed. we might not be able to pay our troops and honor our contracts with small business owners. food inspectors, air traffic controllers, wouldn't get their paychecks. invest ors around the world will ask if america is a safe bet? markets could go haywire, interest rates would spike. every student can a college loan, every small business owner who wants to hire, it would be a self-inflicted wound on the economy. it would slow down our growth, might tip us into a recession. and ironically would p
raising the debt ceiling does not authorize more spending. it simply allows the country to pay for spending that congress has already committed to. these are bills that have already been racked up. and we need to pay them. so while i'm willing to compromise and find common ground over how to reduce our deficit, america can't afford another debate with this congress whether or not they should pay the bills they already racked up. if congressional republicans refuse to pay america's bills on...
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ceiling and your own debt ceiling and doesn't it suggest we're going into a default situation because no one is talking to each other about this. >> no, major, i think if you look at the history. getting votes for the debt ceiling is difficult and votes in in town are difficult. i went through this last year. what is different we never saw a situation like we saw last year in which certain groups in congress took such an absolutist position that we came within a few days of defaulting. >> lou dobbs is the host of lou dobbs tonight on the fox business network. lou, welcome back. what an extraordinary exchange we saw the president have on that issue. basically his position was, we're raising the debt ceiling whether congress wants to or not. i'm not negotiating with them on it. i'm not following what speaker boehner said is the boehner rule of for every dollar we increase the debt limit there will be a spending cut and i'm not going to let them put a gun at the heads of american people because in his terms, they refuse to pay the bills that they've agreed to pay and when asked about the
ceiling and your own debt ceiling and doesn't it suggest we're going into a default situation because no one is talking to each other about this. >> no, major, i think if you look at the history. getting votes for the debt ceiling is difficult and votes in in town are difficult. i went through this last year. what is different we never saw a situation like we saw last year in which certain groups in congress took such an absolutist position that we came within a few days of defaulting....
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he wants to conduct those talks separately from the gop to raise the debt ceiling. he hopes by doing so he can avert a first ever national default. >> kelly wright live in washington. thank you. >>> it is time to take a look at who is talking. another big battle on capitol hill of course. the gun control debate. joe biden announced his task force regulations. we are hearing from one congressman who has a personal connection to this. >> despite the mash shoot something representative barber says he still supports the second mainedment. >> i feel very strongly that the second amendment should be protected and the supreme court has ruled and there's no question it is a right that all americans have a right to bear arms or have a rifle for that matter. but the issue of the magazines which were used in the shooting in tucson in january of 2011 that's one that we need to take a hard look at. the shooter in our case had 30 bullets in the magazine one more in the chamber in less than 45 seconds 19 people were down and 6 were killed. i saw my boss shot through the head i saw
he wants to conduct those talks separately from the gop to raise the debt ceiling. he hopes by doing so he can avert a first ever national default. >> kelly wright live in washington. thank you. >>> it is time to take a look at who is talking. another big battle on capitol hill of course. the gun control debate. joe biden announced his task force regulations. we are hearing from one congressman who has a personal connection to this. >> despite the mash shoot something...
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debt ceiling all together. liz: plus we have the bond king of canada who knows plenty about our markets. five years ago he said that investors had the opportunity of a lifetime to buy stocks, just as we hit bottom, and we saw that bubble explode. well, he was right. now, what is he saying? 2013 holds the second buy of a lifetime? what is it? and how can you take advantage of it? he is here to talk about it. david: liz has that interview all to herself because i can't begin to pronounce his name. let's tell you what drove the markets. mixed day on wall street with s&p and dow closing in the green. all three major indices ending the week higher. industrials and energy were today's top performing sectors while technology was the only sector ending the day lower. and oil ending the week in the green after the international energy agency raised its global oil demand forecast for the whole year. crude's settling the week up 2.1% at $95.56 a barrel and consumer confidence falling for the second month in a row, droppin
debt ceiling all together. liz: plus we have the bond king of canada who knows plenty about our markets. five years ago he said that investors had the opportunity of a lifetime to buy stocks, just as we hit bottom, and we saw that bubble explode. well, he was right. now, what is he saying? 2013 holds the second buy of a lifetime? what is it? and how can you take advantage of it? he is here to talk about it. david: liz has that interview all to herself because i can't begin to pronounce his...
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he voted against the debt ceiling i believe in 2006. why all of a sudden does he not want have to have negotiations? >> i think will's happened, larry, is that the president spent 2011 and 2012 with republicans squeezing him on his priorities, having opposed him during the first two years of his presidency. then that really had the wind at their back. the tea party election of 2010 had given republicans very big numbers on the hill. and he's decided that he backed up, and he backed up and he backed up, and he's not going to back up anymore. he took his argument to the american people in the election. he won the election. they held the house, that is true. but he's decided that he's been vindicated by public opinion broadly, and he's going to try to hold that ground. the question is going to be, larry, at the end of the year on the tax issue, he had the hammer behind him of the expiration of all the bush tax cuts. he does not have that hammer right now. what he has is the prospect of a catastrophic standoff between republicans and democr
he voted against the debt ceiling i believe in 2006. why all of a sudden does he not want have to have negotiations? >> i think will's happened, larry, is that the president spent 2011 and 2012 with republicans squeezing him on his priorities, having opposed him during the first two years of his presidency. then that really had the wind at their back. the tea party election of 2010 had given republicans very big numbers on the hill. and he's decided that he backed up, and he backed up and...
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debt ceiling as a leverage point to get the president to agree to the cuts? >> i think that would be a grave mistake. i don't think that would solve anything. i know they're going to try it. how far we'll go, i have no idea. if you're a real conservative, really honest conservative without hypocrisy, you want to pay your debt. and that's what this is. they're not running up anything new. >> former senator chuck hagel, the man nominated to be the next secretary of defense picked up two key voices of support, chuck schumer and barbara boxer. two prominent democrats. they spoke separately with hagel to discuss the record. hagel eased their concerns after spelling out where he stands on issues ranging from iran and israel. to the treatment of gays in the military. there will be plenty of pageantry during president obama's inauguration on monday. the official swearing in will have taken place the day before. you see the constitution requires a president's term to start on january 20th which falls on a sunday this year. john roberts will administer the oath of offi
debt ceiling as a leverage point to get the president to agree to the cuts? >> i think that would be a grave mistake. i don't think that would solve anything. i know they're going to try it. how far we'll go, i have no idea. if you're a real conservative, really honest conservative without hypocrisy, you want to pay your debt. and that's what this is. they're not running up anything new. >> former senator chuck hagel, the man nominated to be the next secretary of defense picked up...
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adam: before we get to the debt ceiling. california overestimated how much tax revenue they would get from the facebook ipo. the overestimated by $600 million. you can hear jerry brown doing a homer simpson. can you trust governments to get the numbers right? the fight over the debt ceiling is in full force. as democratdemocrats propose a o eliminate it completely and the ratings have come out with two scenarios in which it was downgraded the u.s. credit rating. not good news. some republicans are relishing the debt ceiling does indeed have to be raised. joining us now, ihs chief economist and we appreciate you being here. is this fight we are about to have necessary, and what is going to happen to whether it is the global market, 401(k), what will happen to all of us if congress passes this fight? >> this is not a necessary fight. this situation created by congress which sent the debt ceiling from years ago in hopes it would impose some discipline but of course it hasn't because it has been raised and raised and raised and
adam: before we get to the debt ceiling. california overestimated how much tax revenue they would get from the facebook ipo. the overestimated by $600 million. you can hear jerry brown doing a homer simpson. can you trust governments to get the numbers right? the fight over the debt ceiling is in full force. as democratdemocrats propose a o eliminate it completely and the ratings have come out with two scenarios in which it was downgraded the u.s. credit rating. not good news. some republicans...
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okay, charles, start with the debt ceiling talk. what you heard from the president. >> the tone was remarkable. he talk about the republicans being suspicious of the social security and medicare by the oldest saw that you could hear. then he added making sure empovrished children get food. that's over the top. he said i love to hang out with a congressional picnic at these people who want to starve america's chirp. interesting ini havation. then he went over and over on the debt ceiling and he must have gone through the same idea 15 times. saying this is about honoring the obligation and paying the bills we have already incured. he raised the debt ceiling on how to depend on the ongoing financial assistance from the foreign country to finance the reckless, fiscal pollty. the point of raising the debt ceiling is to allow to us borrow. he talked about the debt ceiling a dozen times. not once did he use the word "borrow." that means we are going to continue to borrow for every dollar the government spend, only 60 cents of it come from
okay, charles, start with the debt ceiling talk. what you heard from the president. >> the tone was remarkable. he talk about the republicans being suspicious of the social security and medicare by the oldest saw that you could hear. then he added making sure empovrished children get food. that's over the top. he said i love to hang out with a congressional picnic at these people who want to starve america's chirp. interesting ini havation. then he went over and over on the debt ceiling...
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president obama yet on his news conference said raising the debt ceiling will not raise our debt ceiling. all we've raised the debt, we have to may more interest. that in it/will increase the spending. we have a spending problem in this country. that's what we need to address. >> what is your biggest bone of content with john boehner? you've been very public about the fact that you don't think his leadership is something you wanted over this new congress, you didn't vote for him to be the speaker. what is your main problem with him? >> i have no personal problems. i keep hearing that. he himself said i carrying no grudges. we've talked several times. the point is to let him know with le stand up to leadership and hold him account annual. i think that's important to know. that really is on both sides of the aisle. if you go back there were people that challenged the leadership, too. i think that's a good thing. you have new members of congress willing to stand up and saying let's rethink this. let's put america first, not necessarily party politics. i fired the first volley that you would
president obama yet on his news conference said raising the debt ceiling will not raise our debt ceiling. all we've raised the debt, we have to may more interest. that in it/will increase the spending. we have a spending problem in this country. that's what we need to address. >> what is your biggest bone of content with john boehner? you've been very public about the fact that you don't think his leadership is something you wanted over this new congress, you didn't vote for him to be the...
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no debt ceiling. one of those congressmen will join me on the other side of this break. >> congress is more removed from this issue than mayors are. congress people don't get called in the middle of the night when a police officer has been shot. mayors do. >> one of those mayors, l.a.'s antonio villaraigosa coming up in the next hour. keep it here. this is msnbc, the place for politics and cool music picked out by producers in new york city. ♪ i don't wanna be right [ record scratch ] what?! it's not bad for you. it just tastes that way. [ female announcer ] honey nut cheerios cereal -- heart-healthy, whole grain oats. you can't go wrong loving it. plays a key role throughout our lives. one a day men's 50+ is a complete multivitamin designed for men's health concerns as we age. it has 7 antioxidants to support cell health. one a day men's 50+. ♪ doing it with a cold, just not going to happen. vicks dayquil -- powerful non-drowsy 6-symptom cold & flu relief. ♪ no matter what city you're playing t
no debt ceiling. one of those congressmen will join me on the other side of this break. >> congress is more removed from this issue than mayors are. congress people don't get called in the middle of the night when a police officer has been shot. mayors do. >> one of those mayors, l.a.'s antonio villaraigosa coming up in the next hour. keep it here. this is msnbc, the place for politics and cool music picked out by producers in new york city. ♪ i don't wanna be right [ record...
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the debt ceiling when there's no budget in effect the idea here is we're not the debt ceiling to pay what's in the budget whether you agree with that is going to various or like say you have a gun in your hand you have the suit shoot yourself in the foot with it now what i'm saying is this idea of continually upping the debt ceiling where there is no budget there's no formal budget just continuing resolution i think that's the cart before the horse i'd really like to see them say look if you're going to up the debt ceiling you're going to borrow more to pay a budget you've got to have a budget or suggesting a structural change to a problem that is essentially political the the solution is vote the bums out two years if you don't like what they're doing vote the bums i believe vote some people in that will be proactive and get us a budget i think the american people are as our guns today new york passed the toughest gun control law the nation and the first new gun laws in. the massacre at sandy hook elementary school under the new provision any assault weapons with a military rifle fe
the debt ceiling when there's no budget in effect the idea here is we're not the debt ceiling to pay what's in the budget whether you agree with that is going to various or like say you have a gun in your hand you have the suit shoot yourself in the foot with it now what i'm saying is this idea of continually upping the debt ceiling where there is no budget there's no formal budget just continuing resolution i think that's the cart before the horse i'd really like to see them say look if you're...
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president obama warned republicans about taking the debt ceiling hostage. it looks like they heard the message. >> the financial well-being of the american people is not leverage to be used. the full faith and credit of the united states of america is not a bargaining chip. and they better choose quickly because time is rung short. >> republicans made their choice during a gop retreat in williamsburg, virginia. house majority leader eric cantore reportedly has plans for three months. in a statement the white house responding, saying, we are encouraged. there are signs congressional republicans may back off their insistence on holding our economy hostage to extract drastic cuts in medicare, education and programs middle class families depend on. the temporary nature of the increase is somewhat troubling. a white house official told nbc news it's a terrible way to run the country. but the aide gave no indication president obama would veto a temporary extension if this is how congressional republicans want to govern, so be it. they already have an approval rat
president obama warned republicans about taking the debt ceiling hostage. it looks like they heard the message. >> the financial well-being of the american people is not leverage to be used. the full faith and credit of the united states of america is not a bargaining chip. and they better choose quickly because time is rung short. >> republicans made their choice during a gop retreat in williamsburg, virginia. house majority leader eric cantore reportedly has plans for three...
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ceiling after he's already said it's unpatriotic to exceed the debt ceiling in 2007-2008. he's in a very, very tough place. i think the republicans in the house in congress will give him a hard time, won't make it an easy checkbook. they'll ask for something in return, not sure what it's going to be. they'll probably get it, some negotiation, but, again, we already exceed the debt ceiling. $16.4 trillion tim geithner, fudges numbers around, pay the bills until congress signs the increase in debt ceiling. >> a repeat of the fiscal cliff? >> that's what politics is in dc. this is all games, all threats, all the clock is ticking down. makes you worry if the country's going to default. >> eric, here's the thing -- >> at the end of the day, sorry -- >> yeah. at the enof the day, there's a deal. >> yeah, this is like the debt ceiling is a phony argument. it's really about charter renewal. it's a renewal of a charter do continue spending, and what time and again the american people have been misled on the debt ceiling, what we are talking about you can't default. the government c
ceiling after he's already said it's unpatriotic to exceed the debt ceiling in 2007-2008. he's in a very, very tough place. i think the republicans in the house in congress will give him a hard time, won't make it an easy checkbook. they'll ask for something in return, not sure what it's going to be. they'll probably get it, some negotiation, but, again, we already exceed the debt ceiling. $16.4 trillion tim geithner, fudges numbers around, pay the bills until congress signs the increase in...